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26 April 2016

Cyprus enacts legislation on mandatory exchange of information

The Cypriot Government enacted Law N.60(I)/2016 (the DAC2 Law) on April 25. The DAC2 Law implements the European Union (EU) Directive 2014/107/EU of December 9, 2014, also known as the Directive on Administrative Cooperation in the field of Taxation (the EU DAC), regarding the mandatory automatic exchange of information in the field of taxation. The EU DAC has been amended to include the Organisation for Economic Co-operation and Development (OECD) Common Reporting Standard (CRS) provisions and, as an EU Directive, must be implemented by all EU member states through local legislation.

A Tax Alert prepared by Ernst & Young Cyprus, and attached below, provides additional details.

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ATTACHMENT

Full text of Tax Alert 2016-0754

Document ID: 2016-0754

 

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